Wednesday, March 9, 2011

Cape Girardeau City Manager Scott Meyer says that the City Council’s decision to take nearly two million dollars to pay off the airport bond is akin to a household using a tax refund to pay off the credit cards - yet still making a new purchase in the long run.

On Tuesday, the City Council decided use the upfront money from Isle of Capri Casino to make a final payment on its adjacent airport facility construction loan in order to save money on interest.

The city originally planned to use the money for Broadway Street renovation and beautification. Meyer says that the city has every intention to move forward with the Broadway plan by tapping in to Transportation Trust Fund dollars as originally laid out in TTF4.

"With TTF we’ll pay for Broadway. There’s not money there for amenities, but we also might also apply for a grant for those amenities as well. So we’re looking for every possible dollar we can," Meyer said.

The bond is question was used to construct the airport facility now housing Commander Premier, who owes the city one-point-two-million in unpaid rent. The city has already told the aircraft manufacturer that it will be evicted if it does not pay off its back rent.

By paying off the bond, the city can lease the facility to a business other than an aircraft manufacturer.